Jun 13, 2024 2024-08
Advanced Notice of Upcoming Revised Program Limits
Dear Participating Lenders:
IRS and HUD recently released new income and purchase price limits. The revised limits will apply to FirstHome/FirstDown/FirstDown Plus and HomeForward. The New Mexico Mortgage Finance Authority (MFA) is required to implement the new program limits at the opening of business on Monday, June 17, 2024, and is unable to provide lenders with more advance notice. We apologize for any inconvenience this may cause.
Revised limits will impact individual counties in different ways; while some county limits will stay the same, others will increase. Participating lenders are encouraged to reserve funds for borrowers who currently meet both the purchase price and income eligibility requirements before the close of business on Friday, June 14, 2024. MFA cannot grant any exceptions regarding income or purchase price limits.
- The updated income and purchase price limits for FirstHome/FirstDown/FirstDown Plus and HomeForward will be in effect for reservations/locks dated Monday, June 17, 2024, and later.
To view MFA’s current income and purchase price limits, click here.
New income and purchase price limits will be posted on June 17, 2024.
Should you have questions, please contact a member of the MFA Homeownership Department at 505.843.6880.
Thank you for participating in MFA programs.
